Be sure to count the true costs before letting a tax preparer deduct the service cost from your anticipated return or taking out a refund-anticipation loan.

Written by

Jeff Reeves
Special for USA Today

You have a stack of tax paperwork, but lack the time or knowledge to figure things out. There's a tax preparation joint nearby offering to do the work for you and simply deduct the cost of the preparation service (plus a fee) from your anticipated return.

The plan might sound logical if you're a cash-strapped consumer. But the reality is that steep fees associated with tapping your tax refund early can take a big bite out of your wallet.

"It's quite expensive, when you think about it," said Chi Chi Wu, staff attorney at the National Consumer Law Center. "At $30 to defer payment of about $200 for 20 ...